Naqvi urges return of offshore wealth

Says up to $10b could return before budget if traders act decisively

KARACHI:

Interior Minister Mohsin Naqvi on Tuesday urged the business community to repatriate a portion of overseas-held wealth, estimating that nearly $100 billion has been moved out of the country over the past three to four years.

Addressing business leaders in Karachi, the minister said that if traders act decisively, up to $10b could return to Pakistan before the upcoming budget.

He encouraged investors to utilise existing financial channels, including Roshan Digital Accounts, to bring back between 20-30% of their offshore funds.

He assured the business community that the government would provide a more conducive and business-friendly environment, emphasising that Pakistan offered some of the highest returns on investment globally.

"If you invest in Pakistan, the level of profit available here is unmatched anywhere in the world," he said.

The minister revealed that a proposal was being prepared to introduce a special passport for genuine businesspersons, similar to official and diplomatic passports. The proposal would soon be presented to Prime Minister Shehbaz Sharif.

"The initiative aims to ease visa-related challenges faced by legitimate traders, particularly for travel to countries such as China, the United States, Europe and the United Kingdom," he added.

Highlighting governance reforms, Naqvi said the Federal Investigation Agency (FIA) would be made more business-friendly, stressing that the entire business community should not suffer due to the actions of a small minority. However, he warned that strict action would be taken against those involved in illegal money transfers.

He acknowledged concerns regarding the role of money changers, stating that several major transaction groups in Karachi had already been identified and would face action without leniency.